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Risk Sharing and Incentives in the Principal and Agent Relationship
Abstract
This article studies arrangements concerning the payment of a fee by a principal to his agent. For such an arrangement, or fee schedule, to be Pareto optimal, it must implicitly serve to allocate the risk attaching to the outcome of the agent's activity in a satisfactory way and to create appropriate incentives for the agent in his activity. Pareto-optimal fee schedules are described in two cases: when the principal has knowledge only of the outcome of the agent's activity and when he has as well (possibly imperfect) information about the agent's activity. In each case, characteristics of Pareto-optimal fee schedules are related to the attitudes toward risk of the principal and of the agent.
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Citations
Cited by
Agency Theory: An Assessment and Review
Eisenhardt, K. M. (1989) · The Academy of Management Review · doi:10.5465/amr.1989.4279003 · Cited by 13,338
Credit Rationing in Markets with Imperfect Information
Stiglitz, J. E., & Weiss, A. (1981) · Columbia University · doi:10.7916/d8v12ft1 · Cited by 12,769
Financial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476
Managerial Incentive Problems: A Dynamic Perspective
Holmstrom, B. (1999) · Review of Economic Studies · doi:10.1111/1467-937x.00083 · Cited by 3,172
Human Capital, Effort, and the Sexual Division of Labor
Becker, G. S. (1985) · Journal of Labor Economics · doi:10.1086/298075 · Cited by 2,417
Metadata
- Authors
- Shavell, S.
- Venue
- The Bell Journal of Economics
- Publisher
- JSTOR
- Published
- 1979
- Volume
- 10
- Issue
- 1
- Pages
- 55
- ISSN
- 0361-915X (ISSN-L)
- OpenAlex
- W1575606059
- Cited by
- 1,285
- References
- 0
- FWCI
- 26.63
- Type
- journal article
- Language
- en
- Open access
- closed
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- Shavell, S. (1979). Risk Sharing and Incentives in the Principal and Agent Relationship. The Bell Journal of Economics. https://doi.org/10.2307/3003319
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
